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Amazon’s Cloud Business Continues to Propel Results

publication date: Nov 6, 2025
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For the twelve months ended September 30, Amazon’s operating cash flow increased 16%, to $130.7 billion, better than the $112.7 billion it registered for the trailing twelve months last year. Free cash flow came in at $14.8 billion for the trailing twelve months, down from $47.7 billion for the trailing twelve months last year, driven by a $50.9 billion increase in purchases of property and equipment. Looking to the fourth quarter of 2025, net sales are expected to be between $206-$213 billion, or to grow 10%-13%. The guidance includes a favorable impact of about 190 basis points from foreign exchange rates. Operating income is expected to be between $21-$26 billion, compared with $21.2 billion in the fourth quarter of 2024. We thought Amazon’s third quarter and outlook were impressive, and we continue to like shares in the Best Ideas Newsletter portfolio.


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